Pet Food: Taste v/s Nutrition or Both?
Global pet food market is gaining momentum as there is an increase in awareness of pet health and nutrition, growing demand for organic/natural food, dry kind of food, increased disposable income of people, humanization towards pets, online retail store channels, home delivery facilities, new emerging markets, challenges to meet demand for innovative food products with new tastes and health benefits, government regulations and few others.
According to Goldstein Research, pet food market size is set to reach USD 85.4 billion by 2024, at a CAGR of 5.6% over the forecast years. The growing urbanization and changing lifestyle in developing nations is the driving force for such a market to grow. There is also a rapid development in food processing technology to achieve increasing demands for innovative products and has huge potential for customized pet food. Also, the growth in pet care industry has a parallel impact on pet food industry which will lead to estimated figures.
Geographically, North America dominates the pet food market with acquiring 40% market share due to increasing awareness of pet health, food and nutrition. Western and Eastern Europe is also dominated by pet food market. Pet food sales have grown by 3% in Eastern Europe, whereas Western Europe has declined by 0.9% in 2016. But, premium pet food sales have increased by 1.9% in Western Europe and Eastern Europe experienced 6% increased sales in the economy and mid-priced category of pet food.
Pet Food market: Organic food
Organic pet food is high in protein, vitamins, amino acids, fatty acids and minerals. They have no preservatives, no artificial colours, and free from genetically modified ingredients. These are made on the basis of age and type of pet. Demand for organic food is increasing because of these benefits of organic food. Therefore, the organic food market is expected to grow at a CAGR of 8.7% over the forecast years. But the constraints of this market are pet related regulations, soaring prices and supply issues.
Pet Food market
This report contains a detailed overview of the pet food market in terms of market segmentation by type of food type, distribution channel and end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Pet food market report also provides competitive outlook for some of the major players which includes profiling of companies such as Mars Petcare Inc., Nestle Purina PetCare, Hills Pet Nutrition, Blue Buffalo, Big Heart Pet Brands, Unicharm Corp., Larry Group, The Nutro Company, Tuffy’s Pet foods, Canine Caviar Pet Foods, Simmons Pet Foods, Nisshin Pet Food Inc., Spectrum Brands/United Pet Group, Heristo AG, Deuerer, WellPet, Ainsworth, Diamond Pet Foods. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the pet food market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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